VSE
11 named things its latest annual report says its results depend on, each in the company's own words. 4 of them are also named by other companies we've read.
Customers
Customer Group (affiliated customers under common ownership)
earns from · approximately 20% of the Company’s revenuenamed as a riskA group of affiliated customers under common ownership (the “Customer Group”) collectively accounted for approximately 20% of the Company’s revenue for the year ended December 31, 2025.Risk factors (Item 1A)
Suppliers
Third-party package delivery companies
depends onnamed as a riskThe Company predominantly does not maintain its own delivery networks, and instead relies on third‑party package delivery companies.Risk factors (Item 1A)
Other companies
Precision Aviation Group (PAG)
approximately $2.025 billionnamed as a riskOn January 29, 2026, the Company entered into a stock purchase agreement (the “Purchase Agreement”) to acquire Precision Aviation Group ("PAG"), a portfolio company of GenNx360 Capital Partners, for total upfront consideration of approximately $2.025 billion in cash and equity (the “PAG Acquisition”).Business (Item 1)
Variable rate credit facility
exposed to its price · approximately $3.8 millionnamed as a riskA hypothetical 1% increase to interest rates would have increased interest expense by approximately $3.8 million and would have decreased the Company's net income and operating cash flows by a comparable amount.Market risk (Item 7A)
Bridge loan and Tangible Equity Units (TEUs)
named as a riskThe bridge loan is intended to be temporary, and there can be no assurance that the Company will be able to refinance or repay the bridge loan on favorable terms, or at all, which could adversely affect the Company’s liquidity and results of operations.Risk factors (Item 1A)
Competitors
Original equipment manufacturers (OEMs)
competes withnamed as a riskSome of the Company's original equipment manufacturer ("OEM") competitors have greater name recognition than VSE, as well as complementary lines of business and financial, marketing and other resources that the Company does not have.Risk factors (Item 1A)
Places
China
named as a riskRevenues for work performed in, or products delivered to, foreign countries are subject to economic conditions in those countries and to political risks posed by ongoing conditions or foreign conflicts, including the continuing Russia-Ukraine and Middle East conflicts, potential terrorist activity, and evolving global trade tensions, including those involving China.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Commodities and inputs
Oil
exposed to its pricenamed as a riskPolitical and economic conditions in both the United States and abroad, as well as global prices and availability of oil and other commodities, could also influence demand for certain of the Company's products and services.Risk factors (Item 1A)
Also named by AYI, BAX, BSM, GM, GRC, J, JBL, JEF and 6 more
Regulators
Laws and programs
Export control laws and trade sanctions
subject tonamed as a riskChanges in export control regulations, sanctions regimes, licensing requirements, or their interpretation or enforcement could delay or prevent the Company from delivering or receiving products or services, result in fines or penalties, or otherwise adversely affect the Company’s business, financial condition, and results of operations.Risk factors (Item 1A)
Environmental laws on hazardous materials
subject tonamed as a riskSome of the Company's contract work includes the use of chemical solvents and the handling of hazardous materials to maintain, repair, and refurbish vehicles, aircraft engines, and equipment.Risk factors (Item 1A)